Kunal Shah has stepped down as the promoter and board member of fintech unicorn Cred after taking over as the global chief executive of WhatsApp, a role under Meta Platforms Inc. The move marks a significant governance change at the company Shah founded eight years ago.
While Shah continues to hold his equity stake in the company, the change means he is no longer classified as a promoter under regulatory norms. He has also resigned from Cred’s board of directors, ending his formal management role at the fintech startup.
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It remains unclear whether the decision was made voluntarily or was necessitated by Meta’s corporate governance requirements following Shah’s appointment as WhatsApp’s global CEO. Neither Meta nor Cred has publicly clarified the reason behind the move.
Shah founded Cred in 2018 as a platform rewarding users for timely credit card bill payments. Over the years, the company expanded into lending, commerce and financial services, emerging as one of India’s most valuable fintech startups.
